UNDERWRITER REPUTATION, INTELLECTUAL CAPITAL DISCLOSURE, AND UNDERPRICING
DOI:
https://doi.org/10.33736/ijbs.480.2017Abstract
This study examines the effect of underwriter reputation on the intellectual capital disclosure extent and the impact of intellectual capital disclosure on underpricing. We developed a measurement method of underwriter reputation by using three indicators, i.e. trading volume, trading value, and trading frequency. Moreover, we also developed an intellectual capital disclosure index which is apropriate with Indonesian regulation. The testing result of 221 firms which conducted initial public offering in 2000-2014 showed that the underwriter reputation is the determinant of intellectual capital disclosure. We also found that intellectual capital disclosure affected underpricing negatively. Those findings indicate that intellectual capital disclosure extent may reduce information asymmetry, so as to assist potential investors in assessing the quality and prospect of a firm in the future.
Keywords: Underwriter Reputation; Intellectual Capital Disclosure; Underpricing.
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